£750k investment for Lancashire energy technology specialist
Extreme Low Energy has clinched a £750,000 investment from NPIF-Maven Equity Finance.
The Lancashire-based tech firm has developed a system which stores and efficiently distributes low voltage DC power, and is targeting a number of different sectors.
It plans to double staff numbers over the next 12 months, and create a R&D function to accelerate new product development.
NPIF-Maven Equity Finance is part of the Northern Powerhouse Investment Fund and managed by Maven Capital Partners.
The investment was delivered by Liverpool-based MSIF working with Maven Capital Partners to support the delivery of NPIF.
The micro-grid systems developed by Extreme Low Energy typically require 50% to 70% less energy than existing alternatives and the firm is set to commercialise this technology across several large value global market applications.
Its value proposition lies in the fact that its technology reduces the total energy consumption of a DC device.
It has already successfully deployed low energy DC power distribution infrastructures and ICT equipment into the UK and African education sectors and the UK modular housing market, and is seeking to expand into a broader range of markets, including monitoring security systems, computer servers, crops grown under LED lights and power infrastructure in developing countries.
The firm was co-founded by entrepreneur and investor Mark Buchanan in 2014.
Backed by a highly-skilled and experienced senior management team, chairman Mark Frost takes an active role in setting the strategic direction at ELe, as well as mentoring the leadership team and providing technical and intellectual property expertise and guidance.
Mark Buchanan, co-founder and technical director of Extreme Low Energy, said: “We are really excited about the opportunity to commercialise our low energy solution technology and support the paradigm shift in how people think about energy infrastructure.
“The funding from NPIF-Maven Equity Finance will allow us to accelerate the growth of our business and achieve our ambitious growth targets, eventually establishing Extreme Low Energy as a significant supplier within the energy sector.”
Simon Thelwall-Jones, MSIF investment director, said: “We believe that the potential addressable markets for the company’s various product offerings are global and Mark is supported by a group of fellow directors/shareholders who have considerable experience of successfully building a global technology business previously. We really do think that this business is one to watch for the future.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
